《大行报告》大和升国航(00753.HK)评级至「买入」 目标价上调至7.6元
大和发表报告表示,上调国航(00753.HK)投资评级,由「跑赢大市」升至「买入」,认为现阶段估值为2020年市帐率约0.8倍,将目标价由7.3元上调至7.6元,[属具有吸引力,并预计当疫情受控及有进一步政策支持时,投资者情绪将有所改善。该行指,受惠於油价下跌及2020年机场减低降落收费,因此上调国航2020至2021年纯利预测各2.23倍及92.5%,分别至41.49亿及50.54亿人民币。大和指出,虽然预期2020年航空需求疲软,特别是国际航线可用座位公里(ASK)料按年跌20%,但估计布兰特期油价格今、明年将分别降至每桶45美元及50美元,认为对油价极敏感的国航因此受惠,预料油价每跌1美元,其净利润将上升3%。该行指,受新型肺炎疫情影响,中国民航局宣布自1月起降低升降费等相关机场费用,以助航空公司抗疫,预期若减费措施维持至6月,国航可因此减省约4%降落费。(gc/w)~
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